企业集团内部资本市场对其成员企业融资约束的影响——来自中国企业集团的经验证据

Impacts of Internal Capital Market in Group on Financing Constrains of Group-Affiliations:Evidences from Chinese Groups

本文验证在中国特殊的制度环境下,企业集团内部资本市场对成员企业融资约束的影响。我们发现,企业集团通过内部资本配置,能够放松成员企业所面临的融资约束。国有集团的内部资本市场放松融资约束的功能得到了很好的发挥:内部资本市场规模小、成长速度快、控制权和现金流权分离程度小的民营集团的成员企业,其所面临的融资约束比较大。在市场化程度较高的省份(或地区),企业集团内部资本市场具有放松融资约束的功能,其成员企业所面临的融资约束小。集团内部资本市场没有放松控制权与现金流权分离程度大的集团成员企业所面临的融资约束。

Based on related literatures and institution background in China, in this paper we empirically investigate several issues as follows： （ 1 ） Under the Chinese special institution background, whether the internal capital allocation in groups has the effects on financing constraints their group-affiliations faced？ （2） Whether the financing constraints group-affiliations faced with the different ownership nature are different？ （3） Whether the external marketability environment does affect the function which relaxes the financing constraints the group-affiliations faced？ （4） Under the different ownership structure, whether the internal capital allocation in groups has the different effects on the financing constraints the group-affiliations faced？ By analyzing the effects of internal capital market on financing constraints under the background of special institution in China, we find that the internal capital market in groups has easing financing constraints function. The internal capital markets in state-owned groups do better on this function than their counterpart. The firms affiliated by private-owned groups with small size, fast growth, and small divergence between control right and cash flow right, their financing constraints are large. External environment may affect the function of internal capital market for groups. In areas where the level of capital marketnization is high, the firms affiliated by groups have little financing constraints. The financing constraints of affiliated firms with large divergence between control right and cash flow right are not relaxed . Possible contributions are showed here： Firstly, as we know, this paper empirically investigates the effects of internal capital market in group on financing constraints faced by their group-affiliations, consequently which will be beneficial for us to understand clearly the behavior of internal capital allocation in group. Secondly, we still research the effect of Chinese background on the relation, which further rich and perfect the internal capital market theory in group. Thirdly, the given conclusions in the paper provide some policy suggestions on how to develop internal capital market in group and how to supervise and manage the behaviors of internal capital allocation.